I am still new to this... just set a used wave up in the front yard. Is the halyard the rope with a brass fitting and braided wire and a loop? My braided wire is completely rusted through and broken. New halyard $78? No way to rebuild or reuse some of the parts?

I think that a new halyard is worth the money, unless your marlinspike seamanship skills are something you would bet a long paddle on, but would still buy all new lines and whatever else you may need to duplicate a new one.

Also marine gear is always going to seem a bit expensive, but it something that you really have to depend on, and 78$ sounds worth it.

The wire portion will be too long as well. The Wave mast head is smaller.

This type of halyard is a pain to build, so cost is up there.

I doubt rust was the cause of failure. Rust gathers on the surface of the wires in the bundle due to dirt and salt, but typically would not rust through. The failures happen at the hook point and is exacerbated by bending at the joint each hoist.